http://mortgage.freedomblogging.com/2009/04/22/2006-states-most-toxic-year-for-home-loans/9491/
When reading the blog one thing to keep in mind is that values increased dramatically after 2004, with values doubling in some cases prior to the peak of June ‘07....loans placed in '06 could represent refinances of those '04 loans as rates and credit terms improved over that 2 year period...so the loan default of an '06 may be from a sale in '04....or some previous date....regardless, this illustrates the importance of equity...when there is equity, and the seller can't make the payment....they can sell....when no equity....maybe a short sale or eventually foreclosure....this isn't complicated....but the trend shows us what can happen as we go forward....as values drop below the purchase prices or loan values, wiping out equity...the number of distressed sales will mount as long as the trend continues....
Default notices are climbing, we can see by the article which lenders have the highest numbers of foreclosures/defaults based on these criteria....it's time for the Mike Kelly Team to assert itself as the new market leader....I mean beyond anything ever accomplished in this market before...
"Leaders do not avoid, repress, or deny conflict, but rather see it as an opportunity", Warren Bennis (1925- ) American scholar, writer.
Make it a great day...Mike
Comments(0)